Transcript • May. 7, 2026 4:00 PM • Hudson Pacific Properties, Inc. (HPP)
Transcript
May. 7, 2026 4:00 PM
Hudson Pacific Properties, Inc. (HPP)
Victor Coleman: the direction we want to go in. But Bellevue has proved to be a very, very strong marketplace and the benefactors of Bellevue have done very well. We're just hoping now that we get to see the flow to the city.
John Kim: Thank you.
Victor Coleman: Thanks, Drew.
Operator: A reminder to analysts, if you wish to ask a question to please dial star one to raise your hand. Our next question will be from Caitlin Burrows with Goldman Sachs. Please go ahead.
Caitlin Burrows: hi good morning um maybe to stay on seattle some more and back to washington 1000 i think you mentioned seven deals in process four could be for spec suites uh where someone could move in i guess for the other potentially larger leases say 100 000 square feet or more how long do you think it would take them to build out their space and be ready to move in if they signed a lease near term like would that take one six twelve months yeah yeah that's that's exactly right 12 months call it yeah okay And then earlier in the call, you mentioned that you could be looking at some surface parking redevelopments in the San Francisco Bay Area. So just wondering if you could talk about that a little bit more. Perhaps it's still early stages, but would that be like a retail type out parcel or ground-lethal land? Or what could you be thinking?
Unnamed Executive: Yeah, I mean, as you know, a lot of cities throughout California are undersupplied on housing. And those municipalities are... looking for ways to work with landowners to add density where there's land availability. And so we have several locations, Palo Alto, Redwood Shores, Foster City, where the configuration of the land and the goals of the municipality to add density sort of line up very well. And so we're exploring opportunities in most cases just to like add density where we can. There may be limited opportunities for conversion, but really the emphasis is on adding densification.
Operator: Thanks. Your next question is from John Kim with BMO Capital Markets. Please go ahead.
John Kim: Thank you. I wanted to ask a similar question on your residency conversion at 901 Market. Is it safe to assume that you are planning to entitle this for residential development and then sell it to a developer? And can you discuss timing as well as other residency conversions that you see either in your portfolio or in the city center?
Unnamed Executive: Yeah, so, I mean, I think we mentioned in our prepared remarks the timing for securing the entitlements. We're targeting somewhere around year-end.
Victor Coleman: Yeah, I think, John, listen, we, like, at 10950 and we're looking at Palo Alto, we're going to address what our decision tree is based on when we get the entitlements. It will be worth a lot more once the entitlements are in play, and that process, as Mark said, is ongoing right now, and we feel good about year-end on that. At that time, we're going to look at the market. We're going to look at the amount of product coming in the marketplace and whether it's a JV, whether it's a sale, or we do it ourselves. But we'll make that determination at that time.
John Kim: Okay. And can you clarify your statement on the city of San Francisco taking romantic space at Fortune 55 market? I'm just wondering what the confidence level you have on them signing that lease transaction and if that impacts your occupancy guidance for the year.
Victor Coleman: Well, we've talked about that deal quite extensively. I mean, the impact on occupancy has been outlined in terms of the status of that deal. You know, I don't see the pen in the hand of the mayor, but we hope that it's getting to that point relatively soon. And I think we're confident that we're going to execute that, as we said, this quarter. Okay. Thank you. Thanks, John.
Operator: There are no further questions at this time. I will now turn the call back to Victor Coleman, Chief Executive Officer and Chairman, for closing remarks.
Victor Coleman: I thank you very much for participating in today's call. I appreciate the team, Hudson, for all the hard work. We look forward to talking to everybody next quarter.
Operator: This concludes today's call. Thank you for attending. You may now disconnect.
